💵 💰 Your Network is Your Net Worth 💵 💰
I wrote this weeks newsletter 30,008 feet in the air as I traveled to Scottsdale for a golf trip with my buddy before he welcomes his first baby into this world in August.
Before we break down Chapter 3 - Expanding your network from Scaling to Success - I want to reflect on the rollercoaster week I have had.
As an entrepreneur for over 7 years now, I still have moments where I second guess myself and ask if this is right for me. Should I just go out and get a job to get that steady income and have security for myself but more importantly my young family?
You guessed it, I had this thought last week because I didn’t bring on a new client.
I thought to myself that I was a failure!
We as entrepreneurs put so much pressure on ourselves and think we need to go from 0 to 100 in one second. Greatness comes to those who wait and work for it.
That’s what I did when I was in the insurance business. I worked my ass off for 3 years and I was offered to partner with my mentor then we sold the agency for a solid amount of money. That’s a perfect example of greatness that came when I was patient and just showed up every day.
A week later from having that thought my calendar looks like it’s AEP. I have 3-5 meetings a day with different agents looking to scale their businesses or people looking to sell their business seeking my guidance.
The little things I do day in and day out are starting to pay dividends, although it might not turn into a thriving business right at this very moment. However, it will because more people are learning who Mike 2.0 is and how I can help them in the marketplace.
Mike 2.0 was created April 2024 so it’s new to everyone and you get to see it evolve over time.
Now let’s break down Chapter 3 Expanding your network from my eBook Scaling to Success.
This chapter was one of my favorite chapters to write because I love networking and the power that comes with it is unbelievable.
When it comes to networking, everyone thinks it has to be meeting for coffee or going to a networking event but there’s so much more you can do in order to network with people.
In my eBook Scaling to Success I’ve broken it down into 4 different sections: Chamber of Commerce, Referral Partners, Social Clubs/Country Clubs, and Partnerships and Collaborations.
The Chamber of Commerce is a great way to own your local market, however, you only get out of it what you put into it. On my recent podcast appearance we talked about this and how many agents don't join the chamber but more importantly they don’t do anything if they do join. They don’t attend the monthly meetings, volunteer, or use the directory as a resource.
You get out of it what you put into it.
If you do nothing, you’ll get nothing. The days of your chamber being the lifeline for your business are gone but there’s still business to be had there.
Referral Partners is one of the most important networking tips you should be focused on building for your business. You need to tell the world how you can help them.
Stop focusing on how people can help you - screw that - you need to help other people first and it will come back full circle.
You need to find people who don’t do what you do. If you’re a medicare agent, you need to go talk to Financial Advisors (Edward Jones, Northwestern Mutual, etc), auto and home insurance agents, group agents, aca agents, etc. Anyone who doesn’t do Medicare - you need to be talking to them.
Do NOT go into this meeting and say send me everyone that’s turning 65. You need to position yourself as an expert that’s here to answer questions and be a resource if they need it.
What you’re going to see is that you’re going to get more questions at the beginning because that’s how they weed out the junk agents. If you provide value and service to their book of business without getting anything in return you’ll see an uptick in referrals.
You’re playing the long game, not the short game.
My favorite part of networking is Social and Country Clubs. People don’t look at these as networking activities. Last week you read that I took a group of people golfing and I did that to get their attention for 4 hours - where they aren’t looking at their phones or people coming into their office. Even though we got rained out - it still worked.
Personally, I use my country club for two purposes, first I use it as a platform to make sure all of the members know who I am as well as what I do. Country Clubs have a different level of people because nowadays you have an initial fee, normally $7,500 to $25,000 and some are even $250,000. You have an audience without you even having to find the people. Secondly, I use my country club as an office and networking location. I invite people there to meet me for lunch and I’ve even hosted a daily workshop there. Most country clubs offer their event space for free so it's a very good option. My main goal is to get the person I want to connect with out of their office so I can have their undivided attention.
Trust me, this is the most expensive way of networking but it allows you the most time with the people you want to connect with.
Lastly, Partnerships and Collaborations is another great way to network with people and with my consulting business this is where I’m seeing my highest yield currently.
Partnerships don't always have to be equity partners, you can have a partner who’s looking out for you when they are doing their day to day and you’re doing the same for them.
Last week, I got a text from a contact who was approached by an agent looking to sell their book. My contact reached out to me first because he knew I’m looking for deals that fit his niche and so he is doing the same for me.
Networking is like marketing. You need to have your different buckets. Do you have different buckets?
P.S. If you want to be invited out to TPC Wisconsin, reply “Let’s Golf” to this email. I only have a few Fridays still available for the summer.
When you're ready, there are 2 ways we can help you:
Private Coaching : ONLY A FEW SPOTS LEFT Designed for the agents and agency owners who want to take their business to the next level. If you're committed to go all in on your long-term success, this program if for you.
Community : Our membership community gives you access to to weekly coaching calls, small group mastermind, implementation support and real life experiences, along with a community of like-minded agents.
